The Minister of Finance, Budget and National Planning, Zainab Ahmed, has lamented the increasing pressure on Nigeria’s revenue due to daily fuel subsidy payment.
Ahmed, who spoke at a panel discussion at the ongoing 27th National Economic Summit (NES) described the payments as a major hindrance to Nigeria’s economic goals.
She stated that actions are being taken to stop the payment, which is why there is no provision for payment of subsidies after the first six months of 2022.
“In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry,” she said.
“We are very uncomfortable at the fact that we have borrowed at the quantum exceeding the threshold that is outlined by the Fiscal Responsibility Act, and must plug all holes to save what we have”